A few weeks before New York officials are expected to issue a final regulatory framework for bitcoin, the state has issued a trust company charter to virtual currency exchange itBit.

Obtaining a trust company charter subjects itBit to the same state and federal regulations that apply to other financial services firms, according to the New York State Department of Financial Services. For example, deposits made to itBit must be fully insured. To offer this guarantee, itBit teamed up with an unnamed U.S. bank to insure client accounts up to $250,000.

Qualifying for the charter, which itBit applied for in February, means the exchange’s cybersecurity, consumer protection and capitalization plans, among other areas, were reviewed by the New York financial services department.

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